New York, residents receive a $300 "Inflation Refund" from New York State in Nov 25. How and where do I enter in Turbotax?

[AmyC · Accepted solution]

Follow these steps to determine if taxable and where to enter:

1. look at your 2023 tax return (the one NY used to compute your check).
2. did you itemize federal and state taxes?
   • No, it is not taxable and does not need to be entered
   • Yes, it might taxable.
     •  if you deducted NY state and local tax paid in full on 2023, the inflation refund is taxable.
     • if you were unable to deduct the full amount, since it was capped at $10,000, it is not taxable.
3. If you itemized and your deductions were not capped in 2023, you will enter the $300 under Other Common Income and select refund from state/local government.

The program may ask you about 2023 to verify taxability.

[RogerS1]

Many thanks!